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Gold, Wall Street slammed as PMI data stifles hopes of Fed rate cuts
The Fed-rate obsession continues to drive market sentiment. Traders were quick to price in Fed cuts again upon the arrival of slightly softer CPI figures and NFP report, forcing Fed members to push back on rate cuts this week. Yet, with dove-tinted glasses on, traders had become fixated on any scraps of softer data to justify their hopes of Fed cuts. That is, until Thursday's strong PMI figures were released. chart S&P services PMIs accelerated higher in May Service PMI expanded at its fastest pace in over two years at 54.8 (51.3 prior) It was the 16th month of expansion for the sector The 3.1 point rise in ... (full story)